On the H4 timeframe, price is near to the key support level. We expect price to potentially bounce from 1st support level of 1.05157 in line with 100% fibonacci retracement and -61.8% fibonacci expansion towards the 1st resistance level of 1.07585 in line with 50% fibonacci retracement. Alternatively, price might break through the key support level and trigger a dip towards the 2nd support level of 1.04659 which lines up with a previous horizontal swing low support and also 13 March 2015 low.
Trading Recommendation
Entry: 1.05157
Reason for Entry:
100% fibonacci retracement and -61.8% fibonacci expansion.
Take Profit: 1.07585
Reason for Take Profit:50% fibonacci retracement.
Stop Loss: 1.04659Reason for Stop Loss:
previous horizontal swing low support and also 13 March 2015 low.
